Property Expert Nick Statman on Property Marketing.
Property investors have to be problem solvers. They need to think quickly on their feet, feel confident with negotiations, and be able to switch their game plan at a moment’s notice. They have to be analytical, calculated, and organized. But they also have to be creative. Innovation and creativity are what set the average investors apart from the leading investors.
Here are six ways property investors can step up their marketing strategy, attract qualified buyers, and close more deals:
The idea of using social media may not seem innovative, but there are always new and creative ways to utilize social media to help market your property. Consider hosting virtual open houses, posting behind the scenes footage of what you do on a typical day, or hosting a Live Q&A for buyers on social media.
Use Instagram stories to create polls, ask for recommendations, or ask for feedback about a specific home or neighborhood. Connecting with the market is crucial, especially during a time when people are staying home more and relying on social media for connection and communication.
When you think about marketing, you may think of big, complex ideas and strategies that involve a lot of time and effort to put together. But as an investor or property agent, sometimes great marketing comes down to how you can help people most effectively.
Offer to cover some of the moving expenses for the buyer (such as paying for a removal van or paying for a month of storage at a local storage facility.) What are some immediate challenges that buyers face when purchasing property, and what can you do to offer a solution to these problems?
Offering to pay for a removal van (or other practical moving solution) won’t cost you much in the grand scheme of things, but can help you stand out as a thoughtful and capable professional in the industry. Sometimes it is the little things that can mean the most and have the biggest impact on your business.
Host Community Events
The whole purpose of a marketing strategy is to connect with the people who would be the most likely to buy your property. One of the best ways to do this is to create events that allow you to interact with this specific group of buyers. Sponsoring a youth sports team, donating to a charity, or setting up a booth at a local neighborhood market helps get your name out into the community and can be a creative way to network and give back to your community at the same time.
Market to Millennials
One way to switch up your marketing strategy is to re-think your target audience. If you aren’t actively marketing to millennials, you could be missing out on a significant portion of the buyers market. The key to marketing to this demographic is focusing on technology and innovation.
This generation of buyers is looking for low maintenance properties close to where they work and where they like to socialize. They care more about Wifi connection, home offices, electrical outlets, and home automation than previous generations, so to target them, your properties need these things.
If you’re looking for creative ways to market your property, consider making small changes to your property to target this specific type of buyer.
Create A Blog
A blog is a powerful way to establish an online presence, define your credibility, and connect with buyers and sellers in the local area. If you have a professional website, a blog is a great way to increase SEO, broaden your marketing reach, and help buyers and sellers learn more about you as an investor. A consistent blog creates conversation and discussions, and can easily be shared on social media.
If you don’t have the time or energy to create a consistent blog, hire someone to do it for you. A good blog can be the key to a successful marketing campaign.
Connect With Local Businesses
Along with connecting with the people in the community, it is also important to connect with other businesses. Brainstorm ways you can partner with local businesses that will be mutually beneficial. For example, you could ask a local baker to make cookies for your open houses or offer to list the contact info for the contractors you’ve used (painters, flooring companies, plumbers, electricians) on your website for potential home buyers and sellers to see. These connections cost you very little, help you connect with other local professionals, and help build your reputation within the community.
Investors have to be practical but innovative. They must balance practicality with creativity and seamlessly blend analytics, problem-solving, and thinking outside of the box. There are many age-old marketing techniques that have been proven to work, and there’s no reason to abandon those. However, your success depends on your ability to find non-traditional ways to market both your properties and yourself as a professional.